Interim Management Report 2008 - Depfa Bank · Interim Management Report Interim Management Report...

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Interim Management Report 2008

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Interim Management Report3

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1. Business activity and general conditions

1.1. General economic conditions The first half of 2008 was marked by rising oil prices. Whereas the price increase in the first three months amounted to 11.1 %, the second quarter saw an oil price increase of 33.7 %. This was accompanied by higher prices, in particular for other raw materials and food, which were reflected by a rise in inflation for consumers. According to provisional fig-ures, inflation in the Eurozone during the period under review was at 3.7 %, but with an upward trend. For the first time since May 1992, inflation of the harmonised consumer price index for the Eurozone saw a 4 as the first figure – a premiere in the ten-year long history of the European Central Bank. The expected inflation in the Eurozone for 2008 is also now considerably above the ECB reference mark of 2 %, at 2.9 %. The Central Bank could therefore not avoid raising the key interest rate by a further 25 base points, effective from 9 July 2008. This rate had remained constant for over a year.

Even more noticeable increases in expected inflation have been reported from the USA (3.5 %) and Asia (3.9 %). Due to the ongoing banking crisis, which is affecting the US market in particular, as well as the poor economic situation, the recent relaxed monetary policy of the USA is unlikely to change.

In the meantime, the real economy is also beginning to show noticeable signs of an economic slowdown. This applies to Europe as well as the USA and the Asian region, and can be seen in the continued decline of all important stock market indices. However, Germany and Luxembourg are enjoying sustained growth in employ-ment and thus are continuing to cut the unemployment figures.

1.2. Branch-specific conditions The general conditions on the money and capital markets continued to be difficult in the first half of 2008. The mistrust among the market participants remains; this can be felt particularly in the money market. Although the central banks have made additional tender facilities available through joint actions, this has not led to a significant relaxation of the money markets over longer terms (3 months or more).

Some spreads in the individual asset classes have expanded considerably, caused by the downgrade risk of ratings due to the troubled economic situation, but also due to the increasing pressure of offers from market participants who want or have to reduce their overall banking risk as a result of their own position in terms of equity capital.

The financial situation of public authorities has also deteriorated in the first half of 2008, with only a few exceptions. Due to declining rates of growth, the tax income of many European countries and the USA has declined. The repercussions of the crisis on the finan-cial markets will continue to have a negative impact on public finances over the course of the remainder of the year. This will lead to additional borrowing on the capi-tal markets, which will affect the spreads respectively.

A noticeable cooling of the economy can also be seen in countries outside of central Europe, with repercussions for the budgets of countries and communities.

The uncertainty on the money and capital markets has resulted in the fact that public bodies are increasingly borrowing through direct financing (budget financing). The financing of public projects within the framework of PPP transactions or using securitisation has been met with a more reserved approach.

1.3. Business conditions specific to the bank Hypo Pfandbrief Bank International S.A. reacted to the ongoing difficul-ties on the market by cutting back on new credit busi-ness and issues.

In the first half of 2008, the Bank concentrated on ensur-ing the availability of liquidity at any time. In this con-nection, Hypo Pfandbrief Bank International S.A. bene-fited from its good contacts on the interbank money market. In view of the high quality of its assets, the Bank was also in a position to satisfy the liquidity needs at any time within the framework of repurchase and tender transactions. Surplus liquidity was invested in the Group. The fact that Hypo Pfandbrief Bank International S.A. had set great stock in the past not only on the quality but also on the liquidity (Repo/ECB eligibility) of its assets paid off yet again.

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Interim Management ReportBusiness activity and general conditions

Economic report

With the takeover of DEPFA Bank plc by the Hypo Real Estate Group in the summer of 2007, the area of public financing sharply gained in importance within the Group as a whole. This will also have repercussions on the business of Hypo Pfandbrief Bank International S.A. In the first half of 2008, the integration of HPBI into the DEPFA subgroup was advanced further. It is particu-larly worth mentioning the close cooperation in the areas of liquidity management and capital market financing.

As a result of the high quality of the cover pool, public Pfandbriefe (lettres de gage publiques) of Hypo Pfandbrief Bank International S.A. continue to be rated AAA by the rating agency Standard & Poors. This rating was con-firmed in April 2008. The counterparty rating for Hypo Pfandbrief Bank International S.A. was lowered by Standard & Poors to A (from A+) in July 2008 with a stable outlook. The short-term rating remained at A-1 with a stable outlook.

By transferring the business activities of the Hypo Public Finance Bank to DEPFA Bank plc as from 31 March 2008, DEPFA Bank plc became the sole share-holder. Hypo Pfandbrief Bank received a comprehensive guarantee from DEPFA Bank plc on 1 April 2008.

2. Economic report

So far in 2008, the Board of Directors of Hypo Pfandbrief Bank International S.A. held one meeting and used two circular resolutions to discuss and decide on matters for which there is a reporting obligation under the Bank’s Articles of Association and rules of procedure. This concerned in particular the approval of the 2007 annual accounts.

In the annual general meeting on 26 March 2008, Mr Bo Heide-Ottosen, Mrs Julia Hoggett and Mr Jim Ryan were appointed as new members of the Board of Directors. They succeeded Dr. Robert Grassinger, Mrs Heather Nesbitt, Mrs Orla Nicholson, Mr James Campbell and Mr Michael Schultheiss as members of the Board. Mr Hagen Schmidt and Mr Klaus Söllner were con-firmed as members of the Board. Assigning new posi-tions in the Board of Directors was an important step as part of the integration into the DEPFA subgroup. Mr Bo Heide-Ottosen was appointed chairman of the Board by the members of the Board of Directors.

The implementation of the new reporting regulations (FinRep/ CoReP) was a particular challenge for the first half of 2008. The bank was able to fulfil and complete all reportings and requirements on time and in the required format.

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Profit and loss account in tabular form in thousand 30.6.2008 30.6.2007

Net interest income 7,625 6,878

Net commission income -304 -223

Net income from financial operations 44 -1,019

Staff costs -863 -935

Other administrative expenses -1,165 -1,119

Depreciation in respect of property, plant and equipment -23 -20

Administrative expenses -2,051 -2,074

Other operation income/expenses 131 56

Operating result before risk provisions 5,445 3,618

Capital gains/losses in respect of investment holdings 0 450

Operating result after risk provisions 5,445 4,068

Taxes -1,063 -892

Total 4,382 3,176

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2.1. Development of the earnings position In the period under review, Hypo Pfandbrief Bank International S.A. continued to show a positive development of results, realising an after-tax profit of E 4.4 million, thereby exceeding the result in the same period of the previous year (E 3.2 million) by 37.9 %.

An efficient liquidity management enabled the net inter-est income to be increased by 10.9 % compared to the previous year. The administrative expenses are at the same level as during the same period in the previous year (-1.1 %). The cost-income ratio was further reduced to 26.8 % (32.9 % in the previous year).

2.2. Development of the assets situation The balance sheet total for Hypo Pfandbrief Bank International S.A., as at 30 June 2008, amounted to E 10,194 million, compared with E 10,739 million as at 31 December 2007.

Loans and advances, including securities, amount to E 9,111 million. This represents a decrease of 5.7 % com-pared to 31 December 2007 (E 9,666 million).

In the period under review, the Bank did not acquire nor dispose of securities or bonds. The decline is merely due to maturities. Derivative financial instruments were only used to hedge against risks arising out of market changes.

All securities of third-party issuers are assigned to the investment portfolio, where they are valued in accord-ance with the mitigated lowest-value principle. Value adjustments on account of foreseeable persistent declines in value did not have to be made. As at 30 June 2008, for securities in the investment portfolio with a book value of E 4,610 million, lower market values amounting to E 4,384 million existed. Of these value differences, E 132 million was attributable to changes in credit spreads. The remaining differences in value were covered by opposite interest rate derivatives positions.

In principle, market prices were used to value the secu-rities. In the case of securities for which no active mar-ket was available (E 1,206 million), the prices were derived from comparable actively traded securities.

2.3. Development of the financial situation The capital structure of Hypo Pfandbrief Bank International S.A. continued to be solid as at 30 June 2008; all current com-mitments can be met. The liabilities also exhibit a bal-anced maturity structure.

The refinancing capital amounts to E 9,808 million. This is a 4.8 % reduction compared to the previous year’s end (E 10,303 million).

Covered bearer and registered public sector Pfandbriefe (lettres de gage publiques) as well as subordinated funds were not issued in the first half of this year.

During the period under review, four issued Pfandbriefe for a nominal E 421.2 million (E 444 million in the same period of the previous year) matured. A bearer Pfand-brief (volume of E 15.0 million) was repurchased before term and destroyed.

The limit of the commercial paper programme was uti-lised mid-year with E 10 million (previous year’s end E 45 million). There was one new issue in EUR.

Balance sheet own capital as at 30 June 2008 came to E 114.0 million compared with E 106.7 million at the end of the previous year.

Banking supervisory data Also from the point of view of banking supervisory law, Hypo Pfandbrief Bank International S.A. showed a solid own capital endow-ment as at 30 June 2008. Eligible own capital (according to the new reporting regulations – CoREP) declined due to the increase in negative revaluation reserves from E 136.4 million (as at 31 December 2007) to E 128.6 mil-lion. The own-capital ratio (minimum 8%) stood at 14.9 % mid-year 2008; the core capital ratio was 11.0 %.

Liquidity Hypo Pfandbrief Bank International S.A. has at all times complied with the liquidity principles laid down by supervisory law. The relevant ratio is between the assets declared to be liquid and outstanding liabili-ties. Liquidity is deemed to be sufficient if the outstand-ing liabilities are covered by assets to the extent of at least 30%. For the Bank, this ratio stood at 41.9 % at the reporting date (previous year 40.7 %).


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Interim Management ReportEconomic report

Risk report

3. Risk report

3.1. Organisation, responsibilities and tasks As a member of the Hypo Real Estate Group, Hypo Pfandbrief Bank International S.A. is integrated into the methods/proc-esses of the Group’s risk identification, measurement, limitation, control and management. In this context and that of local rules, the Bank monitors risks independ-ently. In that regard, major tasks lie with the risk control unit. This unit, which reports directly to a member of the management who is independent of portfolio and risk management, has kept pace with the Bank’s growth and further developed the risk measurement and con-trol systems accordingly in response to the constantly changing internal and external requirements. The main functions of this unit are:

n day-to-day risk measurement and monitoring of mar-ket, credit, counterparty, foreign exchange and liquid-ity risks, largely on the basis of the value-at-risk approach,

n daily determination of economic performance,n independent monitoring of the parameters used to

measure risk and performance,n refinement and implementation of the control con-

cepts

The continual improvements made to the measurement and control systems and the integration into the risk control system of DEPFA Bank plc and the Hypo Real Estate Group mean that the Bank has a high-perform-ance risk control.

In order to monitor and control individual risks, the Bank has set out corresponding report channels and control measures by which, not only the Bank’s Man-agement and Board of Directors, but also other levels of the Hypo Real Estate Group, are informed.

3.2. Risk measurement, control and management with respect to major types of risk in Hypo Pfandbrief Bank International S.A. 3.2.1. Address risks Address risks may be broken down into credit, counterparty, issuer and country risks and refer in each case to the potential loss of value which may arise in the event of the default or a decrease in

creditworthiness of borrowers, issuers of loans evi-denced by promissory notes and securities or counter-parties to money-market, securities and derivatives transactions.

The Bank’s exposure to credit risks is almost completely restricted to public-sector borrowers and banks in OECD countries. The utilisation of all credit lines is available for each individual counterparty, and also in aggregated form, online on a market-value basis.

The credit portfolio as at 30 June 2008 can be broken down as follows:

Breakdown of credit portfolio according to region

Breakdown of credit portfolio according to borrower

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Public borrowers

58 %

Credit institutions42 %

Asia 2 %

North America 18 %

Northern Europe 3 %Eastern Europe2 %

Southern Europe 23 %Western Europe

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Central Europe 32 %

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In the case of organisational measures and the func-tional separation of credit processes, not only is compli-ance with the legal conditions in Luxembourg ensured, but also the Bank, as a member of the Hypo Real Estate Group, acts in accordance with the German minimum requirements for risk management (MaRisk).

Counterparty risks designate possible losses in value of interest-rate and foreign-currency based derivatives and futures. Such transactions are concluded predominant-ly in order to hedge positions in the context of assets/liabilities management. The yardstick for counterparty risks used throughout the Group is a value-at-risk approach based on a market-valuation method using potential future replacement costs. Counterparty risks in derivatives, securities and money-market transac-tions exist with credit institutions, central banks and supranational institutions whose creditworthiness is to be regarded as above average according to the assess-ment of external rating agencies and in-house rating procedures. In order to reduce derivatives-based coun-terparty risks, the Bank uses framework contracts with its business partners which enable the contracts cov-ered by the framework contract to be set against a net claim in the event that the counterparty does not fulfil its obligations (so-called close-out netting). In order to reduce the risk further, where appropriate, security agreements are concluded which may lead to the termi-nation of transactions in the event that the counterparty does not comply with a request to provide security.

The Hypo Real Estate Group designates as country risk the risk of potential transfer and conversion problems with contracting parties based abroad. The risk consists in the possibility that a debtor which is in principle solvent and willing to pay will not be able to fulfil its payment obligations because it is not in a position to procure foreign exchange or to transfer assets to non-residents on account of state measures. Country risks are constantly monitored by risk control. Management of country risks by credit-risk management is carried out on the basis of country limits. Depending on the results of the in-house rating process of the Hypo Real Estate Group

n each individual country and

n groups of countries in specific rating corridorsare assigned limits restricting business activities. All country ratings and country limits are checked at least once a year by the Hypo Real Estate Group’s Risk Man-agement Committee. In addition, in-house risk assess-ments are regularly checked against the assessments of the major rating agencies.

3.2.2. Market risk By market risk is meant the potential loss which may arise due to changing prices on finan-cial markets as a result of altered market risk factors (namely interest, foreign exchange rates, volatilities). In this connection, as in the case of all banks belonging to the Hypo Real Estate Group, total lending business, all own issues, the securities making up the investment and liquidity provision holdings and all transactions in derivatives are taken into account.

In this context, a distinction is made between general and specific interest rate risks (spread risks). The former measure the possible changes in the present value of positions in the event of shifts in the risk-free interest curve (swap curve). The measurement of spread risks takes account of possible changes in present value in the event that the credit spreads factored in the prices of securities and derivatives alter.

At Hypo Pfandbrief Bank International S.A., as in all banks belonging to the Hypo Real Estate Group, cur-rency risks are hedged as extensively as possible and therefore are present only to a slight extent.

For the purposes of the day-to-day quantification of market risk, Hypo Pfandbrief Bank International S.A. uses value-at-risk approaches. These determine a poten-tial loss assuming a 10-day holding period of the posi-tion and a 99 % level of confidence. The period of con-sideration of historical data is 250 trading days. The value-at-risk is determined daily by local risk control and reported to Management, the Board of Directors and competent authorities of the Hypo Real Estate Group. With this system, the Bank is in a position at any time to manage the consequences of potential market fluctua-tions, in a timely manner and efficiently. The exposure to general interest rate risks was E 1.8 million as at 30 June 2008 and E 0.1 million for general currency risks, and thus on the same level as in the previous


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Interim Management ReportRisk report

year.Risk measurement systems for credit spreads exist for all relevant positions in the Hypo Real Estate Group and are being continually improved and unified. The increased volatility of the spreads has caused the corre-sponding value at risk figure to strongly expand, although the structures and assets do not show any significant changes. However, as HPBI’s business model generally holds positions until maturity (particularly for cover funds), this risk indicator only has limited significance.

The day-to-day determination, limitation and reporting of the value at risk and the present actual value changes are supplemented by regular stress testing. While the value-at risk measures the market risk for “normal” market fluctuations, the simulation of stress scenarios can also measure the potential changes in present value for extreme and extraordinary market movements, so that, in such an event, the continued existence of the company can always be guaranteed. Even in such cir-cumstances, the measured market risk moved within the “normal limits”.

The CSSF circular 08/338 of 19 February 2008 is plan-ning a stress test for credit institutions and investment firms under Luxembourg law, to be carried out biannu-ally – with the first test date on 30 June 2008. The inter-est scenario which is to be applied corresponds to an increase / decrease of all interest rates by 200 base points. For Hypo Pfandbrief Bank International S.A., the potential change in present value for general inter-est rate risks at the aforementioned interest rate increase was E -9.5 million and at the interest rate decrease E 10.8 million.

HPBI does not have any further market risks such as equity or inflation risks.

3.2.3. Liquidity risk The principal aim of controlling liquidity risks is to guarantee the Bank’s unrestricted solvency at any time. In accordance with the in-house limit system, foreseeable incoming and outgoing pay-ment flows and any liquidity-procuring measures, the so-called liquidity position, must be at least in balance at all times over the following five days. This position is determined daily on the basis of conservative precau-

tionary deductions (“haircuts”), monitored by risk con-trol and reported to Management and the group author-ities responsible for risk supervision. These criteria were complied with at all times. Furthermore, in order to be able to recognise short-term refinancing needs at an early stage, a liquidity preview extended to 90 days is produced independent of trading, which serves as the basis for active and foresighted liquidity policy. In addi-tion, every day a liquidity status is determined on the basis of a rolling thirty-day horizon and reported. This covers all future payment flows, together with the liquidity potential arising out of securities not used for cover, and enables precise liquidity control to be car-ried out.

Hypo Pfandbrief Bank International S.A. has connec-tions with a number of well-performing banks within and outside the Hypo Real Estate Group in order to meet short-term liquidity requirements.

3.2.4. Operational risk In the Hypo Real Estate Group, operational risk is defined as the danger of losses caused by erroneous in-house practices, human error, techno-logical failure or external events. This definition includes legal risks. Strategic risks, reputation risks and general transaction risks are not included.

Since all areas of the Group may be affected by opera-tional risks, the Group has implemented a framework complying with Basle II for the purpose of the uniform identification and control of such risks. The overarch-ing group-wide framework includes the group policy for understanding and proactively engaging with this type of risk, together with roles and responsibilities and/or processes and instruments.

Identification, analysis and management come under the responsibility of the individual sectors of the Bank. Operational risk events are therefore compiled decen-trally in the loss database in accordance with uniform group criteria. Hypo Pfandbrief International S.A. has not yet had such a case to report. In particular the decentralised assessment of key risk indicators is used to identify early indicators for potential sources of risk in the Group. In order to assess sector-specific opera-tional risks and possible management measures, techni-

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cally supported risk self-assessment is used.4. Forecast report

4.1. General economic situation In light of the current mac-roeconomic situation – relatively high rates of inflation combined with distinct signs of an economic slowdown – the term stagflation is being used more common-ly again recently. This is problematic, as in such a situa-tion, monetary and fiscal policy has to decide whether to focus on combating inflation or stabilising the real econ-omy. This will be a trial for the consensus on economic or stabilizing policy in the Eurozone in particular.

Production is less energy consuming than in the nine-teen seventies, and so it could be expected that the most recent shock in oil prices could be better absorbed by the real economy. However, it is increasingly uncertain up to which energy price levels this robustness will be retained and particularly how high the prices are yet to go. Many areas have no option to switch to other energy sources in the short- or medium-term, and the potential for saving energy is limited.

Despite the expansive course of American monetary and fiscal policy, the International Monetary Fund is cur-rently only expecting real growth of 0.5 % for the USA in the current year – and thus a pronounced economic cooling off. The expected growth figures for the Euro-zone and Japan are slightly rosier at 1.4 %, but also con-siderably dampened compared to the two previous years.

4.2. Branch-specific situation The financial-market crisis which began in the summer of 2007 will accompany market participants still further into 2008. The decline in liquidity and the risk aversion of many market par-ticipants will lead to continuing persistence of spread volatility. This also affects the market for public financ-ing, although how pronounced it will be will depend on the borrower and the structure of the financing.

In addition, States’ need for funds will also increase in budget financing, since as a result of declining growth rates there is likely to be a tendency for public finances to deteriorate owing to falling tax receipts and possible expenditure on programmes for the stimulation of the

economy.

The trend for consolidation in the financial sector will continue to prevail and also have an effect on state financing. The trend towards larger providers with a comprehensive range of products and broad know-how base will continue.

4.3. Situation specific to the company Forecasts relating to the future development of Hypo Pfandbrief Bank Inter-national S.A. are estimates based on all the information that is currently available. Should the assumptions on which the forecasts are based be incorrect, or risks– as mentioned in the risk report – occur to a not calculated extent, the actual results could deviate from the results which are currently expected.

As a result of the takeover of DEPFA Bank plc by the Hypo Real Estate Group in 2007, the public financing sector within the Group has been massively extended. This will be reflected in the business activities of Hypo Pfandbrief Bank International S.A. In this regard, the Bank will pay particular attention to the manifold oppor-tunities afforded by the Luxembourg law on Pfandbriefe. In particular, the upcoming new law will open up new business opportunities for Hypo Pfandbrief Bank Inter-national S.A. The Bank intends to take advantage of these possibilities within the Group and as a member of the DEPFA sub-group.

After the crisis on the capital and financing markets con-tinued and in some cases worsened in the first half of 2008, it continues to be impossible to reliably assess the short term general conditions of the markets. The inter-national financing markets remain fragile and in some areas only with limited functionality, if any. Against this background, further strain on the credit economy – and therefore also for Hypo Pfandbrief Bank Interna-tional S.A. – cannot be ruled out for the coming quarters.

However, due to its business model, Hypo Pfandbrief Bank International S.A. is principally expecting a satis-factory result for the year 2008, on the same level if not above the result of the previous year, with an interest rate result above the previous year and a continuation of the constant low cost ratio.

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Other particulars

Despite the continuing crisis on the capital markets, the Board of Directors and the Management see no cause to undertake any value adjustments.

5. Other particulars

After 30 June 2008, the earnings situation continues to be in accordance with expectations.

Other events of particular importance for the assets, financial and earnings position of the last financial year did not occur after the closure of the first half-year.

18 August 2008

Klaus Söllner Hagen SchmidtManaging Director and Managing Director andMember of the Member of the Board of Directors Board of Directors

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Balance-Sheet as at 30 June 2008

Assets in 30.6.2008 31.12.2007

Cash in hand, balances at central banks and postal check offices 11,130,776 1,788

Treasury bills and other bills eligible for refinancing with central banks 522,032,538 532,258,376

Treasury bills and similar securities 522,032,538 532,258,376

Loans and advances to credit institutions 1,405,595,504 1,664,053,748

Municipal loans and loans guaranteed by public institutions 632,074,716 653,420,805

Other loans and advances 773,520,788 1,010,632,943

of which: payable on demand 64,308,190 70,308,864

Loans ansd advances to customers 262,910,917 289,444,180

Municipal loans and loans guranteed by public institutions 262,910,917 289,431,680

Other loans and advances 0 12,500

Bonds and other fixed-interest securities 6,909,368,225 7,180,111,547

Public sector issuers 1,989,819,684 2,017,217,689

Other issuers 4,782,139,043 5,025,338,139

Own bonds 137,409,498 137,555,719

Property, plant and equipment 687,752 502,268

Other assets 57,905 59,550

Prepayments and accrued income 1,082,503,257 1,072,871,618

Total assets 10,194,286,874 10,739,303,075


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Interim accounts Balance-Sheet

Liabilities in 30.6.2008 31.12.2007

Amounts owed to credit institutions 2,988,341,622 3,003,748,966

Issued public-sector registered Pfandbriefe 5,000,000 5,000,000

of which: with agreed maturity dates or periods of notice 5,000,000 5,000,000

Other liabilities 2,983,341,622 2,998,748,966

of which: payable on demand 69,115,867 148,509,190

of which: with agreed maturity dates or periods of notice 2,914,225,755 2,850,239,776

Amounts owed to customers 1,367,796,661 1,367,796,661

Other liabilities 1,367,796,661 1,367,796,661

Issued public-sector registered Pfandbriefe 1,367,796,661 1,367,796,661

of which: with agreed maturity dates or periods of notice 1,367,796,661 1,367,796,661

Debts evidenced by certificates 5,452,172,099 5,931,632,502

Issued bonds 5,442,172,099 5,886,632,502

Public sector Pfandbriefe 5,442,172,099 5,886,632,502

Other 10,000,000 45,000,000

Other liabilities 458,861 333,184

Accruals and deferred income 227,263,030 282,468,517

Provisions 5,850,727 5,301,403

Provisions for taxation 5,267,287 4,614,610

Other provisions 583,440 686,793

Subordinated liabilities 34,000,000 34,000,000

Subscribed capital 66,000,000 66,000,000

Offering premiums 15,000,000 15,000,000

Reserves 33,021,842 25,721,842

Result 4,382,032 7,300,000

Total liabilities 10,194,286,874 10,739,303,075

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Profit and Loss account for the period from 1 January to 30 June 2008

Expenses in 1.1. - 30.6.2008 1.1. - 30.6.2007

Interest paid and similar expenses 396,689,782 403,533,959

Commission payable 349,721 463,706

Result from financial operations 0 1,018,906

General administrative expenses 2,028,666 2,054,780

Staff costs 863,439 935,313

of which: wages and salaries 755,661 824,550

Social security 107,058 109,758

of which: relating to pensions 83,573 24,821

Other staff expenses 720 1,005

Other administrative expenses 1,165,227 1,119,467

Depreciation and value adjustment in respect of intangible assets and property, plant and equipment 22,970 20,494

Other operating expenses 1,569 52,287

Depreciation and value adjustment in respect of securities held as financial assets 4,150 1,041,288

Taxes on income from ordinary activity 1,062,677 892,073

Result 4,382,032 3,175,529

Total expenses 404,541,567 412,253,022

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Income in 1.1. - 30.6.2008 1.1. - 30.6.2007

Interest receivable and similar income 404,315,225 410,411,506

arising from fixed-interest securities 165,283,457 176,843,254

Result from financial operations 43,664 0

Commission receivable 45,400 240,924

Other operating income 133,128 109,018

Income in respect of write-backs of value adjustments in respect of securities held as financial assets, in respect of participating interest and shares held in affiliated companies 4,150 1,491,574

of which: profits from the sale of fixed-interest securities held as financial assets 4,150 1,491,574

Total income 404,541,567 412,253,022

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Notes18

Report on Review of Interim Financial Information

Assurance from the legal representatives

Anha

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19Report on Review of Interim Financial Information Assurance from the legal representatives

Report on Review of Interim Financial Information We have reviewed the accompanying condensed balance sheet of the Hypo Pfandbrief Bank International S.A. (“the Bank”), as at 30 June 2008, the related condensed state-ments of income for the six months period then ended, a condensed explanatory notes (the “interim financial information”), and an interim management report as at 30 June 2008. Board of directors is responsible for the preparation and presentation of this interim financial information in accordance with Luxembourg legal and regulatory requirements.

Our responsibility is to express a conclusion on this interim financial information and on the management report based on our review.

We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” as adopted by the Institut des Réviseurs d’Entreprises. A review of interim financial information consists of making inquir-ies, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information and the interim management report are not prepared, in all material respects, in accordance with Luxembourg legal and regulatory requirements.

Luxembourg, 18 August 2008 KPMG Audit S.à r.l. – Réviseurs d’Entreprises

T. Feld C. Brüne

Assurance from the legal representatives To the best of our knowledge, we confirm that the half-yearly accounts give an accurate representation of the true asset, finan-cial and earnings situation of the company, according to the accounting principles for interim reports. The inter-im management report presents the business develop-ment, including the result and the situation of the com-pany, in a way which conveys an accurate picture of the actual circumstances and describes the significant opportunities and risks of the anticipated development of the company during the course of the remainder of the financial year.

18 August 2008

Klaus Söllner Hagen SchmidtManaging Director and Managing Director andMember of the Member of the Board of Directors Board of Directors

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21Inhaltsverzeichnis Anhang

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1. General notes

2. Balance-sheet and valuation methods

3. Notes on the asset items3.1 | Presentation of assets as at 30 June 20083.2 | Presentation of loans and advances and/or bonds

and other fixed-interest securities vis-à-vis affiliated companies

3.3 | Overview of capital requirements in accordance with CSSF circular 07/273

3.4 | Information regarding the credit/country risk3.5 | Bonds and other fixed-interest securities

(after deduction of value adjustments)3.6 | Other assets3.7 | Prepayments and accrued income

4. Notes on the liability items4.1 | Presentation of liabilities as at 30 June 20084.2 | Presentation of amounts owed to affiliated

companies or companies, in which a participat-ing interest is held

4.3 | Other liabilities4.4 | Equity capital4.5 | Assets deposited as security for own liabilities

5. Notes on the off-balance-sheet items

6. Other explanatory notes6.1 | Staff6.2 | Items not denominated in the balance-sheet

currency

7. Asset overview

8. Special information8.1 | Statement of cover assets for public-sector

Pfandbriefe8.2 | Additional breakdown8.2.1 | Cover assets8.2.2 | Cover holding for municipal loans8.2.3 | Statement of cover assets in terms of

present value8.3 | Accrued and deferred items8.4 | Redemption of own public-sector Pfandbriefe 8.5 | Interest arrears

21Notes

Table of contents

Notes22

1. General notes

Hypo Pfandbrief Bank International S.A. (HPBI) was founded on 27 July 1999 in Luxembourg under its origi-nal name of Pfandbrief Bank International S.A. (PBI). On 14 September 1999, a licence to operate the Bank as a mortgage credit bank (banque d’émission de lettres de gage) under Luxembourg law was issued by the Minister of Finance of the Grand Duchy of Luxembourg.

The entry in the commercial register was made on 16 August 1999 under number 71104 (Section B). The legal basis for the operation of a mortgage credit bank is laid down in Articles 12-1 to 12-9 of the Law of 5 April 1993 on the financial sector (in its version in force at the time being).

The Bank was originally founded by Bayerische Hypo- und Vereinsbank AG (HVB) and its German mortgage bank subsidiaries, each with equal shares in the capital, under a holding scheme.

Within the framework of the reorganisation of the HVB Group in 2003, HPBI became a subsidiary within the Hypo Real Estate Group. Since 31 March 2008, all shares in the Bank are held by DEPFA Bank plc, Dublin (DEPFA). The Bank's subscribed capital is fully paid-up.

Hypo Pfandbrief Bank International S.A. is integrated into the group accounts of Hypo Real Estate Holding AG, Munich, as well as into the subgroup accounts of DEPFA Bank plc, Dublin. The accounts are available at the reg-istered offices of the respective companies.

2. Balance-sheet and valuation methods

The Bank's interim accounts as at 30 June 2008 have been drawn up in compliance with the rules in force in the Grand Duchy of Luxembourg, in particular the Law of 17 June 1992 regarding the annual accounts and the

consolidated annual accounts of credit institutions (“the Law”). The balance sheet and valuation methods of the 2007 annual accounts were used.

Maturity schedule Treasury bills Loans and advances to Loans and advances to eligible for refinancing credit institutions customers with central banks (including central bank balances)in thousand 30.6.2008 31.12.2007 30.6.2008 31.12.2007 30.6.2008 31.12.2007

Payable on demand – – 75,438 70,311 – 13

Up to 3 months 65,339 10,226 709,213 690,324 – 30,217

Over 3 months and up to 1 year 101,129 116,468 88,598 325,434 – –

Over 1 year and up to 5 years 105,000 275,564 321,195 307,553 206,857 168,563

Over 5 years 250,565 130,000 222,282 270,434 56,054 90,651

Total 522,033 532,258 1,416,726 1,664,056 262,911 289,444

Loans and advances to credit institutions payable on demand include assets with central banks amounting to ¤ 11,131 k (previous year: ¤ 2 k).

3. Notes on the asset items

3.1 Presentation of assets as at 30 June 2008

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Balance-sheet and valuation methods Notes on the asset items

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in thousand 30.6.2007 31.12.2007

Loans and advances to credit institutions 709,213 977,182

Bonds and other fixed-interest securities 200,683 200,829

Total 909,896 1,178,011

Of which own bonds 137,409 137,556

3.2 Presentation of loans and advances and/or bonds and other fixed-interest securities vis-à-vis affiliated companies

Risk weighted Exposure value exposure Capitalin thousand (EAD)* amount (RWA) requirements

0% 5,272,770 0 0

10% 641,529 64,153 5,132

20% 2,484,173 496,835 39,747

50% 85,734 42,867 3,429

100% 4,715 4,715 377

Loans and advances from securitisations 1,141 228,390 18,271

Own capital requirements to cover the currency risk – – 258

Own capital requirements to cover the operational risk – – 1,881

Total 69,095

Capital in thousand requirements

Loans and advances to central administrations and central banks 2,325

Loans and advances to regional and local governments 5,212

Loans and advances to public bodies 5,733

Loans and advances to institutions 30,225

Loans and advances in the form of covered bondsn 5,132

Other loans and advances 58

Loans and advances from securitisations 18,271

Own capital requirements to cover the currency risks 258

Own capital requirements to cover the operational risk 1,881

Total 69,095

3.3 Overview of capital requirements in accordance with CSSF circular 07/273

*) EAD: basis for RWA

Notes24

Loans and advances and bonds and other fixed-interest securities (after deduction of value adjustments) are made up as follows as at the balance-sheet date:

3.4 Information regarding the credit/country risk

Remaining maturity > 1 year > 5 years in thousand ≤ 1 year ≤ 5 years ≤ 10 years > 10 years Total

Credit institutions

Europe 1,307,954 845,835 1,508,715 – 3,662,504

Japan 6,888 46,638 – – 53,526

Canada 8,428 – 9,994 – 18,422

South Korea – 25,089 26,280 – 51,369

USA 4,663 19,947 3,527 – 28,137

Others – – – – 17,700

Total 1,327,933 937,509 1,548,516 – 3,831,658

Public sector borrowers (not including credit institutions)

Europe 533,241 780,414 909,255 1,354,416 3,577,326

Japan 17,281 42,282 – – 59,564

Canada 25,672 57,501 23,047 175,479 281,698

South Korea – – 37,470 – 37,470

USA 6,320 3,565 17,478 1,269,840 1,297,203

Others – – 14,988 – 14,988

Total 582,514 883,762 1,002,238 2,799,735 5,268,249

Overall total 1,910,447 1,821,271 2,550,754 2,799,735 9,099,907

3.5 Bonds and other fixed-interest securities (after deduction of value adjustments)

Bonds and other fixed-interest securities falling due within a year stand at E 655,474 k.

Bonds of a Member State of the European Union partici-pating in the euro which are eligible for refinancing with a Central Bank of the Eurozone stand at a nominal amount of E 4,668 million as at the balance-sheet date.

The “Bonds” holding breaks down as follows:

As at 30 June 2008, the accumulated amount of apporti-oned premiums stands at E 3,542 k accumulated appor-tioned discounts are shown as E 4,764 k. Repurchase

commitments under repurchase agreements stand as at 30 June 2008 at E 1,397,715 k whereas E 650,000 k has been earmarked for tender.

No value adjustment to the lower price value has been effected for securities in the financial assets with a book value of E 4,609,784 k (previous year: E 3,549,192 k) in respect of a market value of E 4,383,700 k (previous year: E 3,438,410 k), since

n the fixed-interest securities in question have been hedged against interest risks by asset swaps. These hedging relations have been booked as a balancing unit. The effect of interest rate changes (E -94,293 k; previous year: E -64,052 k) is counterbalanced by commensurate undisclosed reserves in correspon-ding hedging transactions.

n in the case of paper with negative changes in credit spreads (E -131,791 k; previous year: E -46,730 k) to date no failure or default has occurred or is expected.

The market values shown herein are based on market prices or prices provided by brokers. In the case of secu-rities for which no active market was available (E 1,206 million), the prices were derived from comparable actively traded paper. The credit spreads resulting the-refrom were monitored by the risk control unit.

in thousand 30.6.2008 31.12.2007

Listed securities 6,156,496 6,379,839

Unlisted securities 752,872 800,273

Total 6,909,368 7,180,112

in thousand 30.6.2008 31.12.2007

Financial assets 6,771,959 7,042,556

Liquid assets 137,409 137,556

Total 6,909,368 7,180,112

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Notes Notes on the asset items

Notes on the liability items

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3.6 Other assets

Other assets (E 58 k) mainly consist of the outstanding claim arising out of foreign withholding tax.

3.7 Prepayments and accrued income

Prepayments and accrued income mainly consist of interest-rate accruals and premium and discount depre-ciations arising from the issuing and lending business. Discounts from the issue business stand at E 705,404 k.

Of the amounts owed to credit institutions, E 2,047,715 k arise out of repurchase agreements.

Debts evidenced by certificates falling due within a year amount to E 1,939,372 k.

Maturity schedule Amounts owed to Amounts owed to credit institutions customersin thousand 30.6.2008 31.12.2007 30.6.2008 31.12.2007

Payable on demand 69,116 148,509 – –

Up to 3 months 2,555,647 2,613,313 – –

Over 3 months and up to 1 year 358,579 236,927 – –

Over 1 year and up to 5 years 5,000 5,000 142,700 112,700

Over 5 years – – 1,225,097 1,255,097

Total 2,988,342 3,003,749 1,367,797 1,367,797

Debts evidenced by certificates as at 30 June 2008 Öffentliche in thousand Pfandbriefe Andere Total

Payable on demand – – –

Up to 3 months 269,141 – 269,141

Over 3 months and up to 1 year 1,660,231 10,000 1,670,231

Over 1 year and up to 5 years 2,323,031 – 2,323,031

Over 5 years 1,189,769 – 1,189,769

Total 5,442,172 10,000 5,452,172

4. Notes on the liability items

4.1 Presentation of liabilities as at 30 June 2008

4.2 Presentation of amounts owed to affiliated companies or companies, in which a participating interest is held

Amounts owed to affiliated companies consist of short-term money-market transactions amounting to E 858 million.

4.3 Other liabilities

Other liabilities (E 459 k) as at the balance-sheet date predominantly consist of outstanding payments in respect of value added tax, income tax and social secu-rity contributions.

Notes26

4.4 Equity capital

The subscribed capital amounts to E 66,000,000 and is divided into 66,000 registered shares with no par value.

Under the Luxembourg Law of 10 August 1915 on com-mercial companies, the Bank must allocate every year a sum equivalent to at least 5 % of its annual net profit to a legal reserve until such time as the reserve reaches 10 % of the subscribed capital. No distribution may be made from the legal reserve. As at 30 June 2008, there was a legal reserve of E 1,830 k and free reserves of E 31,192 k.

The Bank utilises the tax-credit option for the imputa-tion of wealth tax against corporate tax, whereby five times the amount of wealth tax is deposited in a special profits reserve. No distribution of this reserve is possi-ble for five years in so far as wealth tax is no longer to be finally paid. The reserves contain E 12,640 k for imputa-tion of the wealth tax. Another corresponding alloca-tion to the reserves will be made for the 2008 financial year.

4.5 Assets deposited as security for own liabilities

Assets of a nominal value of E 665,525 k have been deposited with the Central Bank as security.

5. Notes on the off-balance-sheet items

Transactions in derivatives are effected exclusively for hedging purposes as part of the Bank's assets/liabilities management on the OTC market. No trading operations involving derivatives were conducted. The Bank has, in principle, entered into netting agreements with its trad-ing partners in the derivatives business with a view to reducing risks.

During the period under review, the Bank included, as cover, interest-rate and currency swaps amounting to E 159 million. It has entered into contractual agreements with the counterparties concerned to provide for the duties of information and other cooperation obligations. The procedure has been approved by the supervisory authority and the trustee.

At 30 June 2008, the nominal volume of outstanding off-balance-sheet transactions was E 9,260 million, of which E 5,010 million involved affiliated companies. The address risk arising from derivatives was deter-

mined, inter alia, on the basis of the gross replacement costs. These are calculated as the sum of all positive market values, not taking netting agreements into account. At 30 June 2008, the address risk thus defined (maximum risk of default) was E 246 million, or 2.7 % of the outstanding nominal volume. After netting agree-ments are taken into account, the address risk is reduced to E 241 million.

If, in accordance with banking supervisory criteria, add-ons and also risk weightings are taken into account for potential future risk, there is an address risk on the basis of the market-value method of E 48 million as at 30 June 2008. HPBI shall also in the future pay strict attention to ensuring that the counterparty risk is kept within tight confines through active management. Counterparties in the derivatives business are solely OECD banks.

in million Nominal amount Nominal amount Nominal amount Remaining Remaining Remaining Total Positive Negative Address maturity ≤ 1 year maturity ≤ 5 years maturity > 5 years Nominal amount market values market values risks

Interest-rate transactions

Interest-rate swaps (same currency) 1,838 2,961 3,315 8,114 111 281 –

Interest-rate options – purchases 35 107 59 201 1 1 –

Other interest-rate contracts – – – – – – –

Foreign exchange transactions

Currency-swaps 102 – – 102 – 1 –

Cross-Currency-Swaps 63 214 566 843 134 17 –

Total 2,038 3,282 3,940 9,260 246 300 48*

*) on account of netting agreements not being apportionable

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NotesNotes on the liability items · Notes on the off-balance-sheet items

Other explanatory notes · Asset overview · Special information

27

Derivatives were concluded only for hedging purposes. As against the negative market values shown above, there are corresponding undisclosed reserves in the hedged underlying transactions.

6. Other explanatory notes

6.1 Staff

The average numbers of staff employed until 30 June 2008 were as follows: Management, including heads of departments 3,0Other staff: 13,8At 30 June 2008, the Management was comprised of two persons. There were another 15 employees on the staff.

6.2 Items not denominated in the balance-sheet currency

The total amount of assets in foreign currency (not including euro currencies) is E 2,621 million. At 30 June 2008, liabilities in foreign currencies came to E 2,922 million. These items are almost fully hedged by curren-cy and interest/currency swaps.

in thousand Acquisition Accruals Disposals Depreciation Accumulated Residual cost Residual cost costs financial year financial year financial year depreciation 30.6.2008 31.12.2007

Office and business equipment 918 208 0 -23 -438 688 502

of which: IT equipment 817 208 0 -16 -364 661 469

Investment securities 7,042,556 2,819 -273,416 – – 6,771,959 7,042,556

Total 7,043,474 3,027 -273,416 -23 -438 6,772,647 7,043,058

7. Asset overview

8. Special information

Statement of cover assets held in accordance with Articles 12-1 to 12-9 of the Law of 5 April 1993 on the financial sector The information is confined to the presentation of public-sector Pfandbriefe. No mortgage-backed Pfandbriefe were issued. Derivative financial instruments with a total val-ue of E 158,997 k were used for cover as at the balance-sheet date.

in thousand 30.6.2008

Cover assets 6,107,586

Substitute cover assets Securities 45,400 Bank balances 370,000

Total cover 6,522,986

In circulation Bearer securities 5,301,060 Registered securities 678,438

Total circulation (requiring cover) 5,979,498

Excess cover 543,488

8.1 Statement of cover assets for public-sector Pfandbriefe

Standard coverin thousand 30.6.2008

Loans and advances to credit institutions Municipal loans or loans guaranteed by public institutions 663,204

Loans and advances to customers Municipal loans or loans guaranteed by public institutions 733,814

Bonds of public sector issuers or guaranteed by public institutions 4,359,487

Covered public-sector Pfandbriefe 192,084

Derivatives 158,997

Subtotal 6,107,586

Substitute cover assets

Other loans and advances to credit institutions 370,000

Bonds pursuant to article42(3) of the UCITS Act 45,400

Cash –

Total 6,522,986

8.2 Additional breakdown

8.2.1 Cover assets

Notes28

Breakdown according to orders of magnitudein thousand Number 30.6.2008

Up to 25 million 67 815,589

Up to 50 million 41 1,413,092

Up to 100 million 32 2,058,932

Over 100 million 13 2,235,373

Total 6,522,986

8.2.2 Cover holding for municipal loans

Breakdown by country in thousand in %

USA 1,229,322 18.8

Austria 1,149,734 17.6

Germany 981,447 15.1

Spain 508,903 7.8

Ireand 474,554 7.3

Switzerland 423,518 6.5

Canada 283,531 4.4

Italy 261,317 4.0

International organisations 169,382 2.6

Great Britain 162,610 2.5

Portugal 158,000 2.4

Finland 145,982 2.2

Japan 112,207 1.7

France 105,000 1.6

Belgium 101,986 1.6

Slovenia 80,000 1.2

South Korea 62,589 1.0

Luxembourg 60,784 0.9

Poland 18,685 0.3

Sweden 10,920 0.2

Czech Republic 9,515 0.1

Slovakia 8,000 0.1

Lithuania 5,000 0.1

Total 6,522,986 100.0

Public sector Pfandbriefe*in million Cover fund requiring cover Excess cover in %

Nominal value 6,523 5,980 543 9.1

Present value 6,623 5,941 682 11.5

Present value, in case of shift of the interest-rate curve um +100 bp 6,431 5,779 652 11.3 um -100 bp 6,836 6,109 727 11.9

8.2.3 Statement of cover assets in terms of present value

*) Lettres de gage publiques

in thousand 30.6.2008

Prepayments and accrued income

Accrued interest 218,506

from issuing and lending business 713,161

Others 150,836

Total 1,082,503

Accruals and deferred income

Deferred interest 211,124

from issuing and lending business 983

Others 15,156

Total 227,263

8.3 Accrued and deferred items 8.4 Redemption of own public-sector Pfandbriefe

During the period under review, we redeemed a nominal amount of E 15.0 million of our own public-sector Pfand-briefe for price regulatory purposes. This volume of E 15.0 million was also released early. There were no scheduled final maturities during the period under review. A hold-ing with a book value of E 137.4 million is shown as at the balance-sheet date. Further re-investments are planned in so far as this is deemed to be appropriate in view of the market situation.

8.5 Interest arrears

Interest due during the period under review from loans and advances and securities has been received in full.There are no arrears; no write-offs or value adjustments in respect of interest have been made.

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Executive bodies Board of Directors · Management · Réviseur Spécial

Bo Heide-Ottosen Member of the Board of Management of Hypo Real Estate Holding AG, Chairman since 27.03.2008 Munich Chairman of the Board of Directors, Depfa ACS Bank, Dublin since 27.03.2008

Dr. Robert Grassinger Chairman of the Board of Management of Hypo Real Estate Bank AG,Chairman until 26.03.2008 Neufarn until 26.03.2008

Julia Hoggett Managing Director and Member of the Board of Management of Depfa ACS Bank, Dublin Group Head of Long-Term Funding and Debt Investor Relations, Depfa ACS Bank, Dublin since 27.03.2008

Jim Ryan Managing Director und Global Head of Balance Sheet Management, Depfa ACS Bank, Dublin since 27.03.2008

James Campbell Member of the Board of Management of Hypo Public Finance Bank, Dublin until 26.03.2008

Heather Nesbitt Member of the Board of Management of Hypo Public Finance Bank, Dublin until 26.03.2008

Orla Nicholson Head of Treasury of Hypo Public Finance Bank, Dublin until 26.03.2008

Michael Schultheiß Managing Director of Hypo Real Estate Bank AG, Starnberg until 26.03.2008

Klaus Söllner Administrateur-Délégué (Managing Director), Trier

Hagen Schmidt Administrateur-Délégué (Managing Director), Trier

Board of Directors

PricewaterhouseCoopers S.à.r.l.

Réviseur Spécial

Klaus Söllner Administrateur-Délégué (Managing Director), Trier

Hagen Schmidt Administrateur-Délégué (Managing Director) Trier

Management

29Executive bodies

3030 0.13_lead: Vorstand

Hypo Pfandbrief Bank International S.A.4, rue Alphonse WeickerL-2721 LuxembourgTel.: +352 26 41-47 00Fax: +352 26 41-47 [email protected]

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